Who Does it Affect and When?
The PSC legislation affects UK registered limited liability companies, limited liability partnerships and Societates Europaeae (SEs). From our clients perspective the most common type of business we register and provide services to are private limited companies (LTD’s) and Limited Liability Partnerships (LLP’s).
The legislation affects both existing business and newly registered business. Existing business must keep a register of people with significant control from 06 April 2016 and must report this information to Companies House from 30 June 2016 when submitting the annual check and confirm ‘confirmation statement’.
Important dates –
06 April 2016 – All companies and LLP’s affected by the new rules must implement a PSC register in their company registers and record all PSC’s. If a PSC details are not know this must be recorded in the register and then updated when the details are known.
30 June 2016 – All newly incorporated companies and LLP’s affected by the rules must notify Companies House who their PSC’s are from this date onwards. All existing companies and LLP’s must notify Companies House of their PSC’s when their next Annual Return becomes due. The Annual Return is being changed to a ‘Confirmation Statement’ on this date also.